Sunday, March 4, 2018

Another Company Rescued!

It is always gratifying when I am able to assist a business owner with problem debts and lessen their financial burden. Often, this can make the difference between continuing business operations or closing the doors.

A case I closed this week not only allowed a business to remain open, it also allowed the owner to avoid declaring personal bankruptcy.

My HVAC client was dealing with a $213,000 business debt that had escalated to a lawsuit... and the owner was on the hook personally. A judgment would have devastated the company and the owner.

I was able to convince the commercial creditor to accept an out of court settlement in the total amount of $30,000, payable in 60 monthly installments of $500 each at 0% interest.

Considering they could have been awarded attorney fees claimed of $25,000 in addition to the principal debt, court costs and back interest, total savings to my client was over $210,000.

Of course, not all of my negotiations work out this well but I have maintained a near 100% success rate over 20 years assisting my commercial clients with their problem and disputed debts.

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